Need the sub-part for questions D-F! Grass Background... SM Black Wedgeswork iVolunteering: Bac...Scholarships for C...Savedps 76 A%252F%252-blackboard.ncaProblem 10-22A (Algo) Product versus selling, general, and administrative (SG&A) costs LO 10-2, 10-3Solomon Manufacturing Company was started on January 1, Year 1, when it acquired $89,000 cash by issuing common stock. Solaimmediately purchased office furniture and manufacturing equipment costing $9,800 and $26,300, respectively. The office furnituhad an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,500 salvage value and an expecteduseful life of three years. The company paid $11,400 for salaries of administrative personnel and $15,200 for wages to productionpersonnel. Finally, the company paid $11,170 for raw materials that were used to make inventory. All inventory was started andcompleted during the year. Solomon completed production on 4,300 units of product and sold 3,310 units at a price of $15 each inYear 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)Requireda. Determine the total product cost and the average cost per unit of the inventory produced in Year 1. (Round "Average cost per unto 2 decimal places.)b. Determine the amount of cost of goods sold that would appear on the Year 1 income statement. (Do not round intermediatecalculations.)c. Determine the amount of the ending inventory balance that would appear on the December 31, Year 1, balance sheet. (Do not rouintermediate calculations.)d. Determine the amount of net income that would appear on the Year 1 income statement. (Round your answer to the nearest doll.amount.)e. Determine the amount of retained earnings that would appear on the December 31, Year 1, balance sheet. (Round your answer tothe nearest dollar amount.)f. Determine the amount of total assets that would appear on the December 31, Year 1, balance sheet. (Round your answer to thenearest dollar amount.)

A product's cost is the sum of all the expenses incurred during production. These costs include…

Saved oblem 10-22A (Algo) Product versus selling, general, and administrative (SG&A) costs LO 10-2, 10- plomon Manufacturing Company was started on January 1, Year 1, when it acquired $89,000 cash by issuing common stock. Sol mediately purchased office furniture and manufacturing equipment costing $9,800 and $26,300, respectively. The office furnit d an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,500 salvage value and an expecte eful life of three years. The company paid $11,400 for salaries of administrative personnel and $15,200 for wages to production ersonnel. Finally, the company paid $11,170 for raw materials that were used to make inventory. All inventory was started and mpleted during the year. Solomon completed production on 4,300 units of product and sold 3,310 units at a price of $15 each in ar 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.) equired Determine total product cost and the average cost per unit of the inventory produced in Year 1. (Round "Average cost per u to 2 decimal places.) Determine the amount of cost of goods sold that would appear on the Year 1 income statement. (Do not round intermediate calculations.) Determine the amount of the ending inventory balance that would appear on the December 31, Year 1, balance sheet. (Do not re intermediate calculations.) Determine the amount of net income that would appear on the Year 1 income statement. (Round your answer to the nearest dol amount.) Determine the amount of retained earnings that would appear on the December 31, Year 1, balance sheet. (Round your answer t the nearest dollar amount.) Determine the amount of total assets that would appear on the December 31, Year 1, balance sheet. (Round your answer to the nearest dollar amount.)

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q